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Bitcoin Mining Revenue Gauge Declines to the Lowest in Two Years

  • Miners face the least profitable levels since springtime crash
  • Network competition, energy crisis further diminish profits
The Cormint Data Systems Bitcoin mining facility under construction in Fort Stockton, Texas.
The Cormint Data Systems Bitcoin mining facility under construction in Fort Stockton, Texas.Photographer: Jordan Vonderhaar/Bloomberg

A closely-watched measure of Bitcoin mining revenue has dropped to the lowest in about two years as competition increases while prices drop and energy costs soar. 

The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 7.7 cents for each terahash, the lowest since September 2020, according to data from crypto-mining services company Luxor Technologies. It last neared that level during the crypto market crash in June, when some miners had to sell coins held as investments to cover costs. The index uses multiple factors, such as the price of Bitcoin and transaction fees, to calculate the miners’ total revenue.